Seoul: The government has announced its intention to bolster support measures for small and medium-sized enterprises (SMEs) in response to the imminent expansion of U.S. tariffs on steel and aluminum derivative products, as stated by the industry ministry on Monday.

According to Yonhap News Agency, U.S. President Donald Trump's administration will begin imposing 50 percent duties on an additional 407 steel and aluminum derivative products starting Monday (U.S. time). Since June 4, the U.S. has maintained a 50 percent tariff on all steel and aluminum imports. Newly included in these tariffs are machinery, auto parts, and electronic devices, as reported by the Ministry of Trade, Industry and Energy.

The ministry emphasized its commitment to mitigating the impact on domestic companies by significantly expanding the existing support program for SMEs to help them navigate the U.S. import regulations. The ministry's press release highlighted plans to greatly enhance consulting services, such as verification of steel and aluminum content and certificates of origin, while also substantially reducing the cost-sharing burden for companies. It was further noted that the Trump administration is likely to extend the list of products subjected to these tariffs in the coming month.